Only four Irish companies have been included on a list of Europe’s fastest-growing firms.
The Financial Times has just published its FT1000, listing the 1,000 companies in Europe that have achieved the highest percentage growth in revenues between 2017 and 2020.
The minimum compound annual growth rate (CAGR) needed to make the list is 36.5 per cent.
Monaghan-based Bio-Marine Ingredients is the highest-ranking Irish company in 118th place.
The company, which extracts proteins, oils and calcium from fish for use in food ingredients and as animal feed, is a joint venture between Killybegs Fishermen's Organisation and Norwegian company Biomarine Science Technology.
The JV, which has raised over €35 million to date, has a €12 million marine ingredients processing facility in Castleblayney that employs about 40 people. It also has planning approval for a new plant in Donegal.
Bio-Marine recorded CAGR of 129.18 per cent between 2017 and 2020, a period during which revenues jumped from €560,150 to €6.7 million.
In 165th place is Bevcraft Group, a Mullingar-based specialist process and packaging business primarily focused on craft and artisan beverage producers. The company, which this week acquired the mobile canning business of Them That Can for an undisclosed sum, reported CAGR of 111.21 per cent between 2017 and 2020, during which turnover climbed to €4.04 million from €429,505.
Systeme.io, a Dublin-based company that has developed a popular ecommerce solution, is in 182th place with CAGR of 106.48 per cent. Revenues at the firm rose from €273,352 to €2.4 million over the three-year period under review.
Last on the list is Snigel, an advertising technology company that helps high-growth websites manage, increase and diversify their ad revenue. It is ranked in 820th place with CAGR of 43.02 per cent. Revenues rose to €20.4 million from €7 million from 2017 to 2020. Snigel also featured in the 2021 list, the only Irish company to appear for a second year in a row.
Tech companies dominate this year’s rankings, accounting for a fifth of companies on the list. This is followed by construction and retail.
Swappie, a Finnish marketplace for refurbished smartphones, knocked Bulb Energy off the top spot this year, with a CAGR of 477 per cent.
Kilo Health, a Lithuanian digital healthcare company, comes in second with a 2017-20 revenue CAGR of 450 per cent. It was followed by OCI Group, a UK-based supply chain procurement business, which reported a CAGR of 409.6 per cent over the same period.
OnlyFans, a British online membership platform that has been described by some critics as an “Instragram for porn stars” is in fifth spot overall with a CAGR of 393.88 per cent.
Italy has the most entries on the list with 235 companies appearing. Germany and Britain come second and third with 194 and 155 companies respectively.